Customer LoginMake your money manageable again. In Scotland, a Trust Deed allows you to repay your lenders over a set period, usually 4 years, and after this time, any outstanding debts will be written off.
Your steps from set up to completion
We’ll talk through your circumstances, and take a look at your income and outgoings.
We’ll give you free, impartial advice on a way to start becoming debt free.
If a Trust Deed is your chosen solution, we’ll send you a useful starter pack and refer you, if you wish to a qualified Insolvency Practitioner who can take the Trust Deed forward for you.
Is a Trust Deed right for me?
How it helps
You’ll make one regular repayment that you can afford.
If approved, you’re protected from any further action from your lenders.
The remaining debt included in your trust deed is written off upon completion.
Interest and charges are suspended when your trust deed is accepted.
Things to consider
Details of your trust deed will be added to the Register of Insolvencies.
Your credit rating will be impacted for six years.
If your trust deed fails, it could lead to sequestration and interest that was suspended could be added to your debt.
In order to have the trust deed protected a majority of your lenders have to approve.
To find other sources of free advice visit Money Helper. It’s here to listen and give free, impartial, trusted guidance. Based around you and backed by government.
To find other sources of free advice visit Money Helper. It’s here to listen and give free, impartial, trusted guidance. Based around you and backed by government.
Why Financial
Wellness Group?
We'll take the time to really understand you and your financial situation and make sure you have everything you need to make a real change.
Your financial situation is unique , so we'll tailor a solution just for you.
Whether online or over the phone, we'll give you all the advice and help you need.
Our teams are only targeted on getting the right solution for you.
Let's talk today
Answers to common Trust Deed questions
Will I have to cut back on my spending?
If you’re spending is deemed as high for certain outgoings, you’ll be expected to reduce your spending in those areas. However, if there is a legitimate reason for increased spending, we’ll try and help agree a higher allowance.
Will it affect my credit history?
Your Trust Deed will appear on a publicly available Register of Insolvencies. Your credit rating will be impacted for up to six years, from the day it starts.
Will my home be at risk?
Your home is protected by the terms of the Trust Deed. However, you may be asked to release equity in your property, if you aren’t able to release equity then you may need to make extra payments for 12 months. Please note, re-mortgaging could result in a higher interest rate.
What will happen if I fail to make payments?
If your Trust Deed fails, this could lead to sequestration.